The leading cryptocurrency, Bitcoin, reached the long-awaited $69,000 on March 5, but could not hold on there.
BTC corrected up to $59,000 due to the strong selling pressure it encountered. While this correction was considered to be a profit taking, the correction did not last long and it recovered again.
Evaluating this sudden decline and recovery in Bitcoin, Swissblock analysts said that BTC's rapid recovery from $ 59,000 to $ 67,000 could be a harbinger of a new rally approaching all-time highs.
Analysts speaking to Coindesk stated that Bitcoin's recent movements are a V recovery.
“After Bitcoin reached $69,000, it quickly dropped to $59,000. However, it quickly recovered again afterwards.
At this point, BTC dropped sharply but successfully retested the $59,000-62,000 price area and began to consolidate before rising to a new all-time high.
Bitcoin experienced a V recovery during this period. “Bitcoin's rapid return above the $62,000 level marked the beginning of a new uptrend targeting the $76,000 price level.”
Apart from Swissblock analysts, Singapore-based cryptocurrency company QCP Capital analysts also said that they predicted an increase for Bitcoin in the near future.
“The recovery in Bitcoin has been extremely impressive. The dip has been bought very quickly and aggressively, and $60,000 has proven to be a good support level. Also, with some of the leverage removed, a path to higher levels has been opened up,” QCP Capital analysts wrote in a note. “While the uptrend continues immediately, we expect a higher breakout in the short term,” they said.
Bitcoin continues to trade at $66,707 at the time of writing.
*This is not investment advice.
